US President Donald Trump announced a new immigration initiative called the “Gold Card,” which offers wealthy foreign investors a direct route to American citizenship for a fee of $5 million. During a Tuesday Oval Office address, Trump described the Gold Card as a “premium version” of the Green Card, intended to replace the existing EB-5 Immigrant Investor Visa Program. Under the EB-5 program, foreign investors are required to invest at least $800,000 in targeted employment areas or $1.8 million elsewhere while creating at least ten U.S. jobs.
Trump criticized the EB-5 program as outdated and inefficient, advocating for a system in which investors pay the U.S. government directly. Commerce Secretary Howard Lutnick, present at the announcement, supported the change by stating, “Rather than having this sort of ridiculous EB-5 program, we’re going to end it. We’re going to replace it with the Trump Gold Card.”
The Gold Card proposal does not include a job-creation requirement; its primary focus is on generating direct revenue for the government. Trump hinted that up to ten million Gold Cards could be sold, potentially raising trillions of dollars to help reduce the national deficit, though he provided few details on annual issuance or fund allocation.
When questioned about the eligibility of Russian oligarchs, Trump replied, “Yeah, possibly. Hey, I know some Russian oligarchs who are very nice people.” His comment has raised concerns about the program being exploited by wealthy foreign elites seeking an expedited path to U.S. citizenship.
The initial outline of the application process requires applicants to demonstrate proof of $5 million in available funds, submit a formal application to U.S. Citizenship and Immigration Services (USCIS), and undergo standard background checks, including security and financial vetting. Successful applicants would receive long-term residency benefits similar to those provided by a Green Card, with an expedited route to citizenship, though the naturalization timeline remains unclear.
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Despite Trump’s assertion that the Gold Card can be implemented swiftly, legal experts point out that new visa programs usually require Congressional approval, casting doubt on whether the administration can bypass legislative hurdles, especially given previous legal challenges to similar initiatives.
Critics, including Senator Elizabeth Warren, have sharply condemned the proposal, arguing that it favors the ultra-rich and undermines the principle that U.S. immigration should be based on merit and contribution rather than wealth. Immigration advocates worry that the Gold Card could further deepen inequalities in the U.S. immigration system.
Supporters, however, argue that the initiative could stimulate economic growth by attracting wealthy investors who would contribute to the economy through taxes and business investments. Some even suggest that companies might use the program to sponsor skilled employees, creating opportunities for a broader range of professionals.
Further details are expected by March 11, 2025. The announcement marks another bold step in Trump’s approach to immigration, emphasizing economic benefits over traditional pathways to U.S. residency. The success or failure of the Gold Card initiative could have significant implications for the future of American immigration policy.
